Media General reaches deal with Nexstar, but Meredith remains in its way

A three-way merger standoff between broadcasters Media General Inc., Nexstar Broadcasting Group Inc. and Meredith Corp. burst open Thursday, with Media General and Nexstar arriving at terms of a takeover but Meredith refusing to go quietly.

Media General said it had negotiated a deal to be bought by Nexstar for about $2.3 billion, though that takeover would be contingent on the termination of its deal to merge with Meredith, which...